Veterinary Laboratory Testing Services Market - Forecast(2022 - 2027)

Veterinary Laboratory Testing Services Market size is projected to reach $17,700 million by 2026, growing at a CAGR of 5.9% over 2021-2026. The purpose of veterinary laboratory testing is to diagnosis infections and other different kinds of diseases among animals. Veterinary laboratory testing services are performed by using a real-time PCR testing machine and the nucleic acid extraction instrument. Veterinary laboratory testing services are providing services in the field of pathology, serology, hematology, and many more. In veterinary services, radiography is the most common imaging procedure where small equipment is used for the diagnosis of animals such as cats, dogs, etc., and portable equipment is used in the large animal clinic that treats horses and other large animals. In medical and research fields in vivo testing is used that helps to test the safety of drugs before they are used on patients. Toxicology testing supports veterinary laboratory services as it focuses on identifying and quantify the drugs, metals, and other potential toxicants as well as nutritional analysis for vitamins and minerals. Increasing prevalence of the disease among animals rising the cases of foodborne disease and growing advancement in veterinary diagnostic tools increasing the development in services of the veterinary laboratory is the major factor driving the growth of Veterinary Laboratory Testing Services Market. Furthermore, growing research and development activities in the healthcare sector are set to further enhance the overall market demand for Veterinary Laboratory Testing Services Market for the period 2021-2026. 

The report: “Veterinary Laboratory Testing Services Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Veterinary Laboratory Testing Services Market.

By Technology: Molecular Diagnostics, Immunodiagnostics, Hematology, Clinical Biochemistry, and Others.

By Animal: Companion Animal, and Livestock Animal.

By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa).

The Veterinary Laboratory Testing Services Market based on Technology can be further distributed into Molecular Diagnostics, Immunodiagnostics, Hematology, Clinical Biochemistry, and Others. The Molecular Diagnostics segment is the major segment generating revenue in 2020. Molecular diagnostics are using molecular-based methods such as real-time and quantitative PCR in order to taste a wide range of pathogens in animals. Moreover, it provides faster and highly sensitive detection in the diagnosis of infectious diseases that are growing the adoption of molecular diagnostics in veterinary laboratories. The Hematology segment is estimated to register the fastest CAGR of 6.1% for the period 2021-2026. This is mainly owing to the growing need for blood samples to diagnose the disease increasing the need for hematology technology in the laboratory and further propelling the growth of the Veterinary Laboratory Testing Services Market.

The Veterinary Laboratory Testing Services Market based on Animal can be further segmented into Companion Animal and Livestock Animal. The Companion Animal segment registers for the highest Veterinary Laboratory Testing Services Market share in 2020. This is mainly owing to the rising adoption of companion animals in households thereby increasing the need for veterinary testing services as these animals are infected quickly due to the rising adoption of molecular diagnostics in order to diagnose the disease quickly. The Livestock Animal segment is forecasted to register the fastest CAGR of 6.7% over 2021-2026. Recently, the infectious diseases among livestock animals such as cattle, poultry are increasing and hence the demand for testing in the laboratory is expanding. Moreover, with the help of veterinary laboratory testing, the diagnosis of diseases in animals becomes fast which helps to reduce the infections which in turn propelling the growth of the Veterinary Laboratory Testing Services Market.

However, Asia Pacific is projected to be the growing market during the forecast period 2021-2026 owing to growing healthcare expenditure and increasing healthcare infrastructure that is rising the development in veterinary laboratory testing services. Moreover, rising technologies in the field of the healthcare sector in various Asian countries such as china, japan, India helps in enhancing the market growth.

Increasing cases of infectious diseases among animals rising the number of foodborne diseases that growing the adoption of veterinary laboratory testing services. According to World Health Organization, in 2020 about 600 million people are suffering from foodborne diseases that are rising the need for testing for animals. Moreover, livestock animals such as poultry, cattle contains zoonotic pathogens in their intestine that also causes foodborne diseases. According to the Center for Disease Control and Prevention(CDC), 6 out of 10 known infectious diseases in people are transferred from animals, owing to this CDC works 24/7 to protect people from zoonotic diseases that are growing the adoption of veterinary laboratory testing services and thus propelling the growth of the market over the period 2021-2026.

Rising advancement in technology in veterinary diagnostics is increasing the development in the services of veterinary laboratories. Recently, various companies are using multiple testing in order to diagnose diseases rapidly and accurately. Recent advances in the development of technology for personalized human medicines are also rising the improvement in prototype diagnostic tests for a wide selection of diseases of livestock. Moreover, rising technological advancement provides cost-effective technologies to detect the diseases which in turn boosting the growth of the Veterinary Laboratory Testing Services Market over the period 2021-2026.

COVID-19 pandemic had greatly impacted the growth of the Veterinary Laboratory Testing Services Market. During the pandemic, the need for veterinary laboratory testing increases in order to diagnose the diseases as many people are suffering owing to the rising virus that is growing the research on laboratory increases which are positively impacted the growth of the Veterinary Laboratory Testing Services Market.

The factor that is set to impede the growth of the Veterinary Laboratory Testing Services Market is the lack of awareness regarding the healthcare of animals. According to World Animal Protection, about 10 million dogs are abused every year that is rising the lack of awareness about the health of animals. Moreover, there is a lack of knowledge among humans on animal diseases which rising the spread of diseases among humans and also rising the deaths of animals. This factor creates carelessness to take care of animals which is set to challenging the market.

Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Veterinary Laboratory Testing Services Market. Veterinary Laboratory Testing Services top 10 companies are